v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We have investments in lodging properties located in 25 states of the USA. Our lodging properties derive revenue primarily from guestroom sales, food and beverage sales, and revenues from other lodging services and amenities. Our President and Chief Executive Officer, who serves as our Chief Operating Decision Maker (“CODM”), evaluates the performance, makes capital allocation decisions, and manages the overall operating and investing strategy of each hotel individually. As such, we consider each lodging property to be an operating segment. Each of our properties has similar economic characteristics and risks, facilities, and services and distribute their products and services in the same manner through third-party management companies. Therefore, all of our lodging properties are aggregated into a single reportable segment. The accounting policies of the lodging property segment are the same as those described in “Note 2 - Basis of Presentation and Significant Accounting Policies” to the Condensed Consolidated Financial Statements. Our measure of segment assets is total assets as reported on our Condensed Consolidated Balance Sheets.

On a regular basis, the segment's performance is assessed, and decisions are made related to the allocation of resources primarily based on lodging property earnings before interest, taxes, depreciation and amortization (“Hotel EBITDA”) by comparing Hotel EBITDA results to budgets and forecasts, prior period results, and industry or peer group benchmarks. Additionally, the CODM considers other performance metrics such as total revenue, revenue per available room (“RevPAR”), average daily rate (“ADR”), occupancy, and hotel gross operating profit to assess operating performance.
Lodging revenues and Hotel EBITDA, including significant lodging expenses for our single reportable operating segment, is as follows (in thousands):
Three Months Ended
March 31,
20252024
Lodging property revenues:
Room$163,731 $167,431 
Food and beverage10,990 10,833 
Other9,757 9,878 
Total revenues184,478 188,142 
Lodging property expenses:
Room36,132 35,973 
Sales and marketing23,750 23,503 
Administrative and general14,495 14,449 
Property taxes, insurance and other13,311 14,285 
Food and beverage7,991 8,202 
Property operations & maintenance7,821 7,630 
Utility costs7,038 6,632 
Management fees4,495 4,897 
Other lodging property expenses3,818 4,047 
Total lodging property expenses
118,851 119,618 
Hotel EBITDA
$65,627 $68,524 

A reconciliation of Income from continuing operations before income taxes as shown on our Condensed Consolidated Statements of Operations to Hotel EBITDA is as follows (in thousands):
Three Months Ended
March 31,
20252024
Income from continuing operations before income taxes$1,377 $3,050 
Adjusted for:
Depreciation and amortization37,230 36,799 
Corporate general and administrative8,571 8,311 
Gain on disposal of assets, net(1)(75)
Interest expense19,956 21,582 
Interest income(276)(458)
Other income, net(1,230)(685)
Hotel EBITDA
$65,627 $68,524